Financial ETFs Decline Ahead of JPMorgan

NEW YORK ( TheStreet) -- ETFs tracking financials are shedding recent gains on Wednesday, a day before JPMorgan Chase ( JPM) opens the banking earnings season with its results.

Markets have been fluctuating as investors digest Intel's blowout earnings on Tuesday and weaker-than-expected retail sales data that came out today. Shares of JP Morgan are down 0.6%, while Wells Fargo ( WFC) and Goldman Sachs ( GS) are down 1.3% and 1% respectively.

The Financial Sector SPDR ETF ( XLF) is down about 1%. Earlier this morning, the Mortgage Bankers Association said mortgage loan-application volume dropped 2.9% last week.

The biggest losers within the category are regional banking ETFs. KBW Regional Banking ETF ( KRE) is down 1.9%. Its holdings include Bank of Hawaii ( BOH), down 0.7%, and CVB Financial ( CVBF), down 3.2%.